Daily FX Market Commentary

Andy Harrison

Good morning,

 

LMAX Close

USDJPY 120.528 | EURUSD 1.0932 | AUDUSD 0.72868 | NZDUSD 0.6835 | USDCAD 1.38809 | USDCHF 0.98868 | GBPUSD 1.48162 |

 

Interbank Ranges as of 6am London time

Highs    Lows

USD/JPY               120.56 | 120.39

EUR/USD             1.09365 | 1.0919

EUR/JPY               131.73 | 131.59

AUD/USD            0.7309 | 0.7271

NZD/USD             0.6853 | 0.6834

USD/CAD             1.3883 | 1.3866

EUR/CHF              1.08105 | 1.0794

USD/CHF             0.9890 | 0.9873

GBP/USD             1.4825 | 1.4810

EUR/GBP             0.7380 | 0.7368

 

For Today

  • EUR: New Year’s eve see’s Tokyo closed and limited market overall with the spreads beginning to widen through the session as those that were involved in the far east pulled slowly out, opening around the 1.0930 areas the market tested a little lower with liquidity from the start looking very thin, for the moment the 1.0940-60 has light offers building to stronger levels into the 1.0980-1.1000 areas with weak stops likely through the 1.1030 area before a renewal of the offers. Downside bids limited into the 1.0920-1.0900 levels, a push through the 1.0870 levels is likely to see weak stops and then the market finding limited bids into the 1.0840 areas.
  • GBP: Lifting off a low close the market initially drifted to the 1.4810 levels before pushing gradually to the 1.4820-25 levels for a good period of the session and into the grey hours, that’s if there is such a thing on a New Year’s Eve, Topside offers into the 1.4850 levels are likely to be weak but possibly enough to limit the expected quiet session, through that level probably better offers into the 1.4900 level with weak stops through there. Downside bids remain in the 1.4800 areas and only a solid push through the 1.4780 area will spur some movement with 1.4750 vulnerable and opening the downside for a push in the New year for the 1.4600 handle.
  • JPY: A steady drift lower from the opening 120.50 areas to trade to the 120.40 levels and hold through the session, bids on the downside into the 120.00 levels likely to continue to the 119.80 area before opening a little into weakness below and the 119.20 areas providing better bids, Topside offers light through the 120.60 areas and thickening as the market approaches the 121.00 levels.
  • AUD: The Oz managed small gains through the session with a combination of the Oil market drifting towards the $37 level and the steady fall in USDJPY, moving through the 73 cent levels with little interference from the offers, Topside offers likely into the 0.7320 levels likely to limit further gains for the day however a push through the level will possibly see stronger offerings into the 0.7340 levels. Downside bids light through to the 0.7260 areas and then some light congestion from there to the 0.7220 areas.

 

Today’s data

Actual = A | Consensus = C | Previous = P | Revised = R All timings GMT

  • 13:30 USD       Initial Jobless Claims (DEC 26) C 274K | P 267K
  • 14:45 USD       Chicago PMI Dec C 50.4 | P 48.7

 

 

Harry Hindsight              

  • A reasonable quiet session throughout with most of the market movement generated by the $37 PB movement in oil, most of the currency pairs remained in a fairly tight range with little to excite, a little movement on the release of poor home sales in the US and a higher inventory number for the oil.

 

Yesterday’s premiership results

Actual = A | Consensus = C | Previous = P | Revised = R All timings GMT

GBP       Nationwide House Prices M/M Dec A 0.80% | C 0.40% | P 0.10%

CHF        UBS Consumption Indicator Nov A 1.66 | C 1.60 | P 1.63

EUR        Eurozone M3 Y/Y Nov A 5.40% | C 5.00% | P 5.30%

USD       Pending Home Sales M/M Nov A -0.90% | C 0.60% | P 0.20% | R 0.40%

USD       Crude Oil Inventories A 2.6M | C -1.8M | P -5.9M

 

Have a wonderful New Year

Andy

 

 

Any opinions, news, research, analyses, prices or other information contained on this Blog, whether by LMAX, its employees, partners or contributors, does not constitute investment advice nor has it been prepared in accordance with legal requirements designed to promote the independence of investment research. Further, the material contained within this Blog does not contain (and should not be construed as containing) investment advice or an investment recommendation, or an offer of, or solicitation for, a transaction in any financial instrument. Whilst information provided on this Blog may help with your investment research you must consider carefully whether you should make (or refrain from making) investment or other decisions based on what you see without doing further research on the investments you are interested in. Participating in this Blog cannot be a substitute for obtaining advice from an appropriate expert independent adviser who takes into account your circumstances and specific investment needs in selected investments that are appropriate for you. LMAX has not verified the accuracy or basis-in-fact of any claim or statement made by any third parties as comments for every Blog entry.

 

LMAX will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information. No representation or warranty is given as to the accuracy or completeness of the above information. While the material produced in this Blog was obtained from sources deemed to be reliable, LMAX does not provide any guarantees about the reliability of such sources.

Consequently any person acting on it does so entirely at his or her own risk.

 

If you currently hold an account with LMAX for the purposes of trading FX and CFD’s, you are encouraged to use a different Username and Password to access the Blog or any other online systems. The Blog is a place to learn, discuss and share information and ideas with Blog followers. It is not a place to slander, use unacceptable language or to promote LMAX or any other FX, Spread Betting and CFD provider and any such postings, excessive or unjust comments and attacks will not be allowed and will be removed from the site immediately.

 

LMAX Exchange Market Commentary   AUDUSD   Andy Harrison  

Any opinions, news, research, analyses, prices or other information ("information") contained on this Blog, constitutes marketing communication and it has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Further, the information contained within this Blog does not contain (and should not be construed as containing) investment advice or an investment recommendation, or an offer of, or solicitation for, a transaction in any financial instrument. LMAX Group has not verified the accuracy or basis-in-fact of any claim or statement made by any third parties as comments for every Blog entry.

LMAX Group will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information. No representation or warranty is given as to the accuracy or completeness of the above information. While the produced information was obtained from sources deemed to be reliable, LMAX Group does not provide any guarantees about the reliability of such sources. Consequently any person acting on it does so entirely at his or her own risk. It is not a place to slander, use unacceptable language or to promote LMAX Group or any other FX and CFD provider and any such postings, excessive or unjust comments and attacks will not be allowed and will be removed from the site immediately.